As house prices continue to rise, first home buyers need all the help they can get – even from their parents. One out of three home buyers are seeking assistance from their parents in paying for the entire deposit of their property, according to data from Aussie Home Loans.
Looking back, less than 10% of parents helped their children purchase their first home. With house prices increasing around 10% annually, parents have been shelling out around $122 million a year. Home owner loans and contributions have increased by 15% from the previous year, clear signs that the coming generations are in dire need of help in purchasing the house of their dreams.
Read more about this on the DailyMail website.